The board of the Reserve Bank is not expected to make any changes to the official interest rate when it convenes for its final meeting of the year today.

The Reserve Bank last cut rates in August, to the historically low level of 2.5 per cent.

Economists are unanimous in their opinion that the RBA will leave interest rates at that level today.

Macquarie Group's head of Australian Economics Brian Redican says there are no economic issues to suggest a change to the status quo.

"I think the Reserve Bank will be pleased with the fall in the Australian dollar over the last month and I also think that they believe that they've got time on their side before seeing an improvement in things like retail sales and housing construction, to off-set the potential downturn in mining investment," he said.

Mr Redican says there are several convincing arguments in favour of a sustained period of low rates.

"We think that interest rates in Australia will be low for a very long time," he said.

"The main reason for that is we have seen a change in household behaviour here, where consumers are wanting to save more and borrow less and that actually means we can persist with lower interest rates for a much longer period of time.

"And the other significant change there of course is that mining investment's just beginning to roll over, and that will remain a consistent drag on growth for the next several years."

Mr Redican says another interest rate cut would lower the Australian dollar, which would help restore profitability to the manufacturing and tourism sectors.

"The other thing that a rate cut would do is improve households' disposable income growth and ensure that retail spending actually does improve over 2014," he said.

"So in that respect, we do think there is a role for another interest rate cut probably in February to take some pressure off the economy and help that rotation of growth that the Reserve Bank is looking for."

The RBA board takes a break in January, so the next policy meeting will be in February.